Hatzidakis presents proposals for EU economy bolstering

National Economy and Finance Minister Kostis Hatzidakis presented six proposals for boosting the European Union’s competitiveness during an informal ECOFIN Council of Ministers on the topic held in Ghent last week.

“We must adopt the Draghi dogma and do everything that is necessary to boost the European economy’s competitiveness,” Hatzidakis said during the meeting.

The minister focused on exploiting the potential of the common market in ways that ensure healthy competition and liberate potential on a European level.

Among others he called for the completion of banking union, steps toward a capital markets’ union and a common European energy policy, as well as a review of subsidies so as not to undermine innovation and the balancing of the policy on subsidies with a European Sovereignty Fund, plus common European supply policies, such as those for vaccines and natural gas. Hatzidakis said that these steps were urgent and essential as the EU’s competitiveness lags relative to its competitors.

He also noted that markets and investors wanted to see “actions without delay, not a statement of intentions.”